Related Products

Take advantage of an introductory rate of 5.9% p.a. for 3 year(s) and enjoy ongoing access to funds with Citi Ready Credit.

Citi Ready Credit is a flexible line of credit product that comes with a Mastercard so that you can get access to additional funds when you need them. This product offers an introductory interest rate of 5.9% p.a. on balance transfers for 3 year(s).

It also allows you to withdraw funds up to your approved credit limit at the standard variable rate of 19.99% p.a. While the Ready Credit account has a $0 annual fee, it does charge a with a one-off $199 establishment fee.

Pros

Cons

Main points to consider about the Citi Ready Credit Flexible line of credit

Citi Ready Credit is a line of credit account that also comes with a Mastercard that can be used to make purchases in-store and online, or to withdraw cash. This feature is unique for a line of credit product, making the Citi Ready Credit account similar to a credit card account. In effect, it means you only have to apply for the line of credit once, but can draw and redraw from your available credit as you need it.

This account offers an introductory rate of 5.9% p.a. that you can use for balance transfers or cheques-to-self. It also provides a standard variable rate of 19.99% p.a. that applies to purchases or cash advances made with the Mastercard, as well as any debt remaining after the introductory period.

Features of the Citi Ready Credit Flexible line of credit

5.9% p.a. for 3 year(s). This promotional interest rate applies to balances transferred at the time of your application, and to cheques-to-self requested within 90 days of account opening. At the end of the promotional period, any outstanding balance will revert to the standard variable rate of 19.99% p.a.

No early payout fees. This account won't charge a fee if you want to pay off your loan in less than 3 year(s).

Flexible repayments. You have the ability to choose your own repayments each month, providing it meets a minimum payment amount.

Mastercard. Use your Citi Ready Credit funds to pay for purchases in-store and online, or withdraw cash up to your available limit at any time with a Mastercard debit card.

Additional card. You can also share your Ready Credit account with a partner or family member by requesting 1 additional card. Note that you will still be responsible for all transactions on the account.

Costs and limits of the Citi Ready Credit Flexible line of credit

Establishment fee. The Citi Ready Credit has a with a one-off $199 establishment fee. This is payable at the first statement period and there are no other annual fees or ongoing account-servicing fees.

Balance transfer limit. The Citi Ready Credit account allows you to transfer up to 80% of your approved credit limit. For example, if you are approved for a limit of $20,000, you could balance transfer $16,000 to the account.

Credit limits. Apply for the Ready Credit and get a credit limit between $5,000 and $75,000.

Late payment fee. This account charges 10 for every 7 days until a payment is not made by the due date.

The Citi Ready Credit account combines features of a line of credit with the ongoing flexibility of a credit card. As such, you may want to compare it to a range of balance transfer credit cards or personal loans so that you can find a product that suits your circumstances and needs.

Thank you for your questions. Just to confirm that you’ve reached finder.com.au – a comparison website and general information service, not actually Citibank.

1) If I have to pay more than the minimum to pay off my loan at the end of its term, otherwise, I will be charged at the higher rate for any balance?
With Ready Credit, the minimum monthly repayment is the greater of $30 or the sum of 1% of outstanding balance plus interest plus late fees. If you have a Fixed Payment Option on your account, your monthly instalment is required each month as per terms at set up.

So for your interest rates, that would depend on which offer you have selected:
– 7.9% p.a. over 2 years – flexibility to choose repayments
– 9.99% p.a. over 4 years – fixed repayments

In case you will not be able to pay your outstanding balance, then you will then most likely be charged interest rate on your remaining balance plus fees that apply.

2) Also, I have only been issued a cheque for 80% of my loan, however, on my first statement, it shows another balance transfer equivalent to 20% of my loan which I did not get the money for
Citibank will send you a cheque-to-self if you have requested a nominated amount to be taken from your available credit line, usually at a promotional interest rate. So if you have just requested 80% of your credit limit, then the other 20% should be your remaining available credit limit i.e. if you have not used this other 20% for purchases or cash advances.

It would be best to contact Citibank directly to clarify this as they have a record of your account.

Hi – regarding the cheque to self option. This means once I am approved, I will be advised of my available credit limit, then I can accept the offer? I wouldn’t want to proceed if I wasn’t offered the full amount I needed.

Then, I could ask for a single cheque to self for say, $20,000, which I would then use to pay off other credit cards, plus the leftover I could use however else I needed to.

That would be $20,000 at that 5.4 % interest rate. If I wanted to borrow more than that later on in the life of the loan, I would need to pay the full interest rate, is that correct? Only one cheque to self is available?

That is correct. Your available credit limit will be provided upon application approval. Once approved you can write a cheque to self with the amount being charged at the promotional balance transfer rate of 5.9% p.a. for 24 months. You are able to use up to 80% of the available credit limit for balance transfers and cheques to self.

Hi
I am wanting to apply for a Citibank personal loan. I currently have a telecommunications default on my credit file, which is under arrangement, being paid, has been for the last year and is down to a third of the original listed amount. With evidence of this would I still be eligible to apply?

A default on an individual’s credit file can impair the chances of being approved for a loan/ line of credit. In saying so bank’s lending policies and criteria do vary. As a result it is most ideal to contact a bank directly either via customer service centre or local branch to best discuss your personal situation and options. Please refer to the contact details I have provided to your email.

It’s going to be nearly six months since we got our ready credit loan from Citibank. When we applied we were expecting a higher credit amount but we only approved for half of the amount that we expected.

I did read/hear that Citibank reviews the credit limit for ready credit loans every six months.

Do we have to apply for increase in credit limit filling in a application form, or we will be given a automatic credit limit increase as an offer to take.

My concern is do we have to go through the process of filling in forms, wait for the processing, and credit checks, etc.

If you can explain how this works based on past history of Citibank’s credit limit increase process that will be great.

Credit limit increases need to be requested through a web form, please see the attached PDF I have sent to your email along with information on the process that Citibank undertakes for evaluating credit limit increase requests. It is important to note that you need to have had your credit card for at least 9 months before you can request an increase.

Hello Jonathan, my partner needs $38,000 ($28k to pay off another loan and $10k to upgrade his vehicle). If he was approved for $48,000, 80% at 4.90% is $38,400 which is exactly what we need.

1. Is the loan then for $48000 for what you applied for or $38000 for what you used?
2. Do you pay repayments on $48000 over 3 years or $38000? over 3 years?
3. To take advantage of 4.90%, can he organise Citibank to transfer funds to me and I distribute accordingly?

Thanks so much! I have heard some not so nice things about Citibank’s processes so I want to make sure that our plans caters for the 4.90% rate and not the dreaded 20% rate.

It is important to note Citibank’s balance transfer limit is subject to their credit criteria and may be limited to a certain proportion of the credit limit.
The loan is on how much you have borrowed from the bank, which would be the balance transfer amount and any other amounts spent on the card. The balance transfer rate would be applicable to the balance transfer amount. Any other debts on the card would be charged at the appropriate rates. It is important to note that balance transfers between Citibank credit cards are not allowed.

As long as they meet the eligibility requirements they can apply, to be eligible to apply for a Citibank personal loan, you must be at least 18 years of age, have a good credit rating, earn a taxable income of $35,000 or more and be a permanent Australian resident. You will be able to transfer any non Citibank products with an outstanding balance(s) such as credit cards, store cards or loans within Australia.
Generally any fees or payments can be paid but will be charged at the cash advance rate or purchase rate, this will depend on the merchant/ institution who you are transacting with.

Another enquiries:
1) the 4.9 % only applies to balance transfers?
2) if on top of two credit card balance transfers, I will ask for a cheque for self and use this cheque to pay miscellaneous payments. Would the cheque for self be charged at 4.9%?

If you are an existing customer, please contact Citibank directly on 13 24 84 at any time to discuss your options with an agent who has access to your account. If you are a new customer applying for a credit card that has a balance transfer offer attached to it, you may request for a cheque to be sent to you if you do not have a balance to transfer. This must be requested when you call to activate the account.

This particular offer is only available through finder.com.au, so you’ll need to apply directly online. You might want to try completing the application on a different computer or device, and you can also try using a different browser. If this doesn’t help, you’ll need to get in touch with Citibank who will be able to provide further assistance for you.

Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our FSG - Financial Products. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our Credit Guide for more information. We can also provide you with general advice and factual information on about a range of other products, services and providers. We are also a Corporate Authorised Representative of Countrywide Tolstrup Financial Services Group Pty Ltd. ABN 51 586 953 292 AFSL 244436 for the provision of general insurance products. Please refer to our FSG - General Insurance. We hope that the information and general advice we can provide will help you make a more informed decision. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. We also don't recommend specific products, services or providers. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. (c) 2018.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Important information about this website

finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.

finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.

Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.

The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.

Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.

We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.

Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.

Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.

Please read our website terms of use for more information about our services and our approach to privacy.